TSC: Why Over 4,000 Teachers Risk Losing NSSF Retirement Benefits
The Teachers Service Commission (TSC) has disclosed that more than 4,000 teachers are not properly registered with the National Social Security Fund (NSSF), putting them at risk of missing out on their benefits.
The TSC is urging the affected teachers to visit their nearest NSSF office to complete their registration.
Teachers are instructed to forward their new NSSF numbers to their respective county directors. These documents will then be submitted to TSC headquarters for inclusion in the payroll.
Additionally, the TSC requests that teachers who have recently registered with NSSF but whose records are yet to be updated forward their NSSF cards along with their statements to the Commission to ensure their records are accurately captured.
Suspense Accounts Holding Unregistered Contributions
According to the TSC, the contributions from teachers who have not complied with the registration requirements are currently held in suspense accounts at NSSF.
Several memos issued by county directors, and seen by Teachers Updates, provide guidance to teachers on this matter. Teachers have been given until June 21, 2024, to comply with this directive.
In one memo, a director instructed teachers to visit the nearest NSSF office for registration purposes and submit their NSSF number to their respective TSC Sub County Director for onward transmission to TSC Headquarters.
“All teachers are therefore required to visit the nearest NSSF office for registration purposes.”
Under the existing terms and conditions of service, teachers in public service expect terminal benefits as stipulated in their letters of appointment. These benefits serve as an incentive for their years of service to the country.
“Upon registration ensure you submit your NSSF number to your respective TSC Sub County Director for onward transmission to TSC Headquarters,” says a memo written by one of the directors to teachers.
The provident fund is a government-managed retirement budget where the retiree receives savings as a lump sum payment.
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Workers contribute to this budget, which is managed by the government until withdrawal time. Unlike pension accounts, which are employer-managed, provident funds are government-run and payouts are made in lump sums.
Conditions for Withdrawal
Provident fund withdrawals are permissible under specific conditions, including resignation, retirement, termination, relocation to another country, or inability to work due to medical reasons.
This scheme differs from pension accounts, where payouts are typically made as annuities.
By ensuring proper registration with the NSSF, teachers can secure their rightful benefits and avoid complications in accessing their retirement funds.
TSC: Why Over 4,000 Teachers Risk Losing NSSF Retirement Benefits
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